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Bankniftyanalysis

BANKNIFTY-Is Monthly expiry Bullish ??? Observations: Today bearish pressure observed at 42850 level, means not a bearish turn in bank nifty, The BANKNIFTY INDEX has been on an upward trend, with buyers successfully breaking through resistances at 42500, 42700, and tested @42850. They are now poised to reach untested supply zones at 43000, 43100, and 43400 levels. However, buyers may lack the necessary power to push the price higher, and if any of the previous supply zones act as support, the price could move back upwards. It is recommended to remain on the buy side within the range of 41500-41400, as no significant retracement has been observed after breaking the supply zone at 42500 level. If this level acts as support, monthly expiry is expected to be bullish.
NSE:BANKNIFTY
by IIT-Trader
BANKNIFTY- 42700 is an obstacle ???The 42500 level previously acted as a strong resistance, but the price has now broken through it without a retest. However, the 42360-42400 level has emerged as a new support level, preventing further downward movement. Tomorrow, we can expect a retracement to occur from the strong resistance at 42760-42720 level, and if there is bearish pressure, we could see the price return to the 42500 and 42400 levels. Observations: If the retracement occurs at a slower pace, we can anticipate further upward movement towards the 42700 and 42850 levels. However, if the price finds support at the 42500 and 42380 levels, but is unable to move higher, we may observe a bearish trend in the BANKNIFTY.
NSE:BANKNIFTY
by IIT-Trader
BANKNIFTY-Will Rise or Fall back Key Resistance level is observed at 42500. Price is still in this range. Note: we have a previous Resistance 42350-42400 may act as support, if this level breaks then only the price reach to the next supports at 42000,41700-41600 levels. Today Observations: After a Strong selloff is observed, price again wants to test supply zone 42500 for fall again. Intraday Sell plan. Sell Plan: 42350-42400 is a level strong sell off happens ,if again this level breaks and retest will go selling,(now at least will get a pullback) and showing down pressure go short for downside targets are 42000,41700.
NSE:BANKNIFTY
by IIT-Trader